The mail order pharmacy industry in the Nordics plays a vital role in modern healthcare, enabling patients to access medications conveniently and affordably. Companies in this sector range from traditional pharmacy chains offering online services to startups specializing in digital health solutions. Many mail order pharmacies provide not just prescription medications, but also health advice, personalized care options, and swift delivery services. This sector has witnessed a surge in demand, particularly post-pandemic, pushing firms to enhance their digital capabilities. Innovations such as automated dispensing and telehealth consultations are defining the industry's future, making healthcare more accessible across Nordic countries.


The list of investors in the Nordic mail order pharmacy sector features a mix of venture capital firms, private equity giants, and corporate investors. Notably, many are headquartered in Stockholm, with others in Hellerup and Helsinki, indicating a concentrated investment hub. These investors vary in size, from small teams to large organizations, and represent a wide range of founding years. In 2024, they engaged in a total of 283 investment deals, highlighting robust activity in the healthcare space. This showcases a strong commitment to supporting the evolving landscape of the mail order pharmacy industry.


Top 16 Mail Order Pharmacy Investors in the Nordics


1. Novo Holdings

  • Website: novoholdings.dk
  • Type: Venture Capital
  • Headquarters: Hellerup, Denmark
  • Founded year: 1999
  • Headcount: 51-200
  • Number of deals in 2024: 45
  • LinkedIn: novo-a-s

Novo Holdings A/S is a not-for-profit investment firm based in Hellerup, Denmark, founded in 1999. It manages the assets of the Novo Nordisk Foundation and invests in life science companies at various stages of development. The firm provides capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has been involved in significant transactions such as the $100 million Series D funding for Halodoc, a digital health platform that facilitates healthcare access, and the acquisition of KabaFusion, a provider of home infusion therapies. These investments reflect Novo Holdings' commitment to advancing healthcare delivery, which is relevant to the mail order pharmacy sector. Additionally, their participation in funding rounds for Doctor Anywhere, a telehealth service, further emphasizes their focus on innovative healthcare solutions.


2. Kinnevik

  • Website: kinnevik.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1936
  • Headcount: 11-50
  • Number of deals in 2024: 10
  • LinkedIn: investment-ab-kinnevik

Kinnevik is an investment company based in Stockholm, Sweden, founded in 1936. They specialize in partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. Kinnevik provides both capital and operational support to help companies scale and create long-term value. In recent years, Kinnevik has made significant investments in the healthcare sector, including Transcarent, which raised $126 million in Series D funding in 2024, and Pelago, which focuses on substance use management and has raised substantial funding rounds with Kinnevik's participation. These transactions highlight Kinnevik's commitment to redefining healthcare delivery and addressing global challenges, making them a relevant player in the healthcare investment landscape.


3. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the healthcare sector, including the acquisition of LBX Pharmacy, which raised $36,168,245 in Series A funding in 2008. This investment highlights EQT's commitment to the pharmacy industry. Additionally, EQT's acquisition of Karo Healthcare for $685,678,098 in 2019 and Terveystalo Healthcare for $862,115,844 in 2013 further demonstrates their focus on healthcare investments. Their strategy to expand healthcare investments, as seen in their acquisition of Icon Group, Australia's largest cancer care service provider, indicates a strong interest in the healthcare landscape, which includes mail order pharmacies.


4. Verdane

  • Website: verdane.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments in technology-enabled companies, focusing on digitalization and decarbonization trends. Verdane provides capital and hands-on support to help businesses scale and enhance their market position. Notably, Verdane has invested in several companies relevant to the mail order pharmacy industry, including Farmasiet, which raised funds in 2019, and Apoteka, which was acquired in 2022. Additionally, they have a stake in Evondos, a Finnish company specializing in automated medicine dispensing, showcasing their commitment to innovative healthcare solutions. Their involvement in these transactions highlights their strategic interest in the pharmacy sector, particularly in companies that leverage technology to improve healthcare delivery.


5. Nordic Capital

  • Website: nordiccapital.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 10
  • LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, with a strong emphasis on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, focusing on creating long-term value and sustainability. Notably, Nordic Capital has made significant investments in the pharmaceutical sector, including a joint investment in Advanz Pharma, a global pharmaceutical company, aimed at supporting its development and growth potential. They also acquired Advanz Pharma for $846 million to enhance its pipeline of innovative specialty pharmaceutical products. Other relevant transactions include the acquisition of GesundHeits GmbH Deutschland and a definitive agreement to acquire Inovalon Holdings, Inc. for approximately $7.3 billion, further demonstrating their active role in the healthcare industry.


6. Cni


CNI Advisory AB is a venture capital firm based in Stockholm, Sweden, founded in 2012. The firm specializes in funding and supporting entrepreneurial businesses across various sectors, focusing on creating sustainable shareholder value through capital and strategic guidance. Notably, Cni has invested in Meds.se, a mail order pharmacy that raised approximately $5.6 million in a Series A funding round in January 2019. This investment highlights Cni's engagement in the healthcare and pharmacy sector. Additionally, Cni has been involved in other ventures such as Firstvet, a telemedicine service for pets, and MatHem, an online grocery delivery service, showcasing their diverse investment portfolio.


7. Creandum

  • Website: creandum.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. They specialize in supporting early-stage entrepreneurs in building global, category-defining companies across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, nurturing them from seed to IPO. Notably, Creandum has been involved in several funding rounds for Kry, a digital healthcare company that offers telemedicine services. Their investments in Kry include a Series A round of $22.8 million in 2017, a Series B round of $66 million in 2018, a Series C round of $155 million in 2020, and a Series D round of $160 million in 2022. These transactions highlight Creandum's active role in the health tech space, which is relevant to the mail order pharmacy industry.


8. Bonnier Ventures

  • Website: bonnierventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2013
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: bonnier-ventures

Bonnier Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2013 as the investment arm of the Bonnier Group. The firm focuses on providing capital and management support to promising companies in structurally growing industries, including healthcare, media, sustainability, fintech, and SaaS. Notably, Bonnier Ventures has invested in Doktor.se, a Swedish e-health startup that raised significant funding to expand its digital healthcare services, which may include mail order pharmacy elements. They also participated in funding rounds for Medoma, a digital therapy startup, indicating their commitment to innovative healthcare solutions. Their investment in MatHem, an online grocer, further demonstrates their interest in digital platforms that could intersect with pharmacy services. Overall, Bonnier Ventures leverages its extensive network and expertise to foster long-term growth for its portfolio companies, particularly in the healthcare sector.


9. Centripetal


Centripetal is a private equity investment company based in Stockholm, Sweden, founded in 2020. The firm focuses on accelerating the growth of fast-growing and profitable European companies by providing capital and bridging the gap to strong capital markets. Notably, Centripetal has been involved in several transactions within the mail order pharmacy context, including multiple funding rounds for Meds.se, a prominent online pharmacy, and Doktor.se, a digital healthcare provider. These investments demonstrate Centripetal's commitment to supporting companies that are transforming the healthcare landscape through digital solutions, particularly in the mail order pharmacy sector.


10. Novax

  • Website: novax.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1999
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: novax-ab

Novax is a Stockholm-based venture capital firm founded in 1999, focusing on supporting and developing small and medium-sized growth companies across various sectors, including health, technical security, sustainable food, and digital retail infrastructure. They provide investment, advisory services, and a collaborative ecosystem to enhance the growth potential of their portfolio companies. Notably, Novax has invested in Apohem, a mail order pharmacy that raised $2 million in a seed round in October 2019. This investment highlights their engagement in the healthcare and pharmacy sectors. Additionally, they have participated in other funding rounds, such as Matsmart, which, while not directly related to mail order pharmacy, showcases their active investment strategy in growth companies.


11. Finnfund

  • Website: finnfund.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: finnfund

Finnfund is a not-for-profit development financier and impact investor based in Helsinki, Finland, founded in 1980. The organization focuses on creating sustainable futures by investing in companies that address global development challenges, particularly in developing countries. Finnfund provides investment and advisory services to promote economic growth and sustainability across various sectors. Notably, Finnfund has invested in Kasha, a Rwandan startup that operates an e-commerce platform for women's health products, securing $21 million in a Series B funding round in 2023 and an earlier $1 million investment in 2020 to support its expansion across Africa. These transactions highlight Finnfund's commitment to enhancing access to health products, which is a key aspect of the mail order pharmacy industry. Additionally, they have invested in Penda Health, further emphasizing their focus on health-related ventures.


12. EQT Ventures

  • Website: eqtventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Among their notable transactions, they led a €22.6 million Series B funding round for Min Doktor, a Swedish health tech company that offers an app for doctor-patient communications and prescription services. This investment highlights their interest in the health tech space, which is closely related to the mail order pharmacy industry. Additionally, they have participated in various funding rounds for other tech startups, showcasing their broad investment strategy while maintaining a focus on technology-driven solutions.


13. Oriola Corporation

  • Website: oriola.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 2006
  • Headcount: 1001-5000
  • LinkedIn: oriolacorporation

Oriola Corporation is a healthcare and pharmaceutical company based in Espoo, Uusimaa, Finland, founded in 2006. The company provides a range of services including pharmaceutical distribution, market access consulting, and patient support, primarily serving pharmacies, healthcare providers, and pharmaceutical companies in Finland and Sweden. Oriola has been involved in several significant transactions, including investments in Doktor.se, a Swedish e-health startup. They participated in multiple funding rounds for Doktor.se, including a Seed Round in 2018, a Series C round in 2020, and a Venture Round in 2021, which raised substantial amounts to expand digital healthcare services. Additionally, Oriola acquired Farenta in 2016, further enhancing their capabilities in the healthcare sector. These activities demonstrate Oriola's commitment to advancing healthcare access and services, aligning them with the mail order pharmacy industry.


14. Investinor

  • Website: investinor.no
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. It specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Notably, Investinor has invested in Dignio, a Norwegian health technology company that raised NOK 85 million in a Series A funding round, with Investinor contributing NOK 20 million. This investment highlights their focus on health technology, which is increasingly relevant to the mail order pharmacy sector. Additionally, they have been involved with companies like Smartfish AS and Curida, which, while not directly related to mail order pharmacies, indicate a broader interest in health and wellness solutions.


15. Polaris Private Equity


Polaris Private Equity is a private equity firm based in Copenhagen, Denmark, founded in 1998. The firm specializes in investment management, focusing on supporting mid-sized companies in the Nordic region through tailored investment strategies, including private equity, flexible capital, and public equity. Polaris partners with management teams to drive growth and operational improvements, helping these companies realize their full potential. Notably, in 2024, Polaris acquired FaunaPharma, indicating their engagement in the pharmaceutical industry, which could relate to mail order pharmacy services. However, their portfolio also includes diverse sectors, such as food services with the acquisition of Det Danske Madhus and baby equipment with BabySam, showcasing their broad investment approach beyond pharmaceuticals.


16. Takoa Invest

  • Website: takoa.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1987
  • Headcount: 1-10
  • LinkedIn: takoa-invest

Takoa Invest is a corporate investment company based in Helsinki, Uusimaa, Finland, founded in 1987. The firm focuses on growth-oriented businesses and real estate, operating across various sectors including retail, private equity, and financial instruments. Takoa Invest aims to support the development of its portfolio companies while providing a diverse range of products in the retail sector. Notably, Takoa Invest has participated in significant funding rounds for companies like Theranica, an Israeli developer of prescription digital therapeutics, which raised $45 million in Series C funding with participation from Takoa Invest. This involvement highlights their interest in healthcare innovations that could align with the mail order pharmacy industry. Additionally, they were part of Theranica's Series B funding round, which aimed to mass-produce a product for the U.S. market, further emphasizing their engagement in the healthcare space. They also invested in Klinik, a company that raised funds in the healthcare sector, indicating a broader interest in health-related investments.



Mail Order Pharmacy Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
KinnevikStockholm, Stockholm, Sweden11-50193610
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
VerdaneOslo, Oslo, Norway51-20019857
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
CniStockholm, Stockholm, Sweden1-1020121
CreandumStockholm, Stockholm, Sweden11-50200317
Bonnier VenturesStockholm, Stockholm, Sweden1-1020131
CentripetalStockholm, Stockholm, Sweden1-1020200
NovaxStockholm, Stockholm, Sweden11-5019993
FinnfundHelsinki, Uusimaa, Finland51-20019807
EQT VenturesStockholm, Stockholm, Sweden11-50201528
Oriola CorporationEspoo, Uusimaa, Finland1001-500020060
InvestinorTrondheim, Trøndelag, Norway11-5020084
Polaris Private EquityCopenhagen, Denmark51-20019984
Takoa InvestHelsinki, Uusimaa, Finland1-1019870


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